Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,820/mo
+$534/mo- Down payment
- $0
- Funds due
- $9,928
- Interest + MI left
- $474,167
- First ends
- May 2055
New loan
New conventional
$2,286/mo
Lowest payment- Down payment
- $29,990
- Funds due
- $37,808
- Interest + MI left
- $409,337
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $347,742 | $269,910 |
| Second mortgage | — | — |
| First P&I | $2,295.01 | $1,868.80 |
| Second P&I | — | — |
| Mortgage insurance | $162.01 | $53.98 |
| Taxes, insurance & HOA | $363.17 | $363.17 |
| Total housing payment | $2,820.19 | $2,285.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,928
Usable credit−$0
Total buyer cash needed$9,928
Earnest money paid−$0
Remaining funds due$9,928
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$363.50
Initial HOA (3 months)$276.00
Prepaid interest, first (1 days)$64.40
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing28 yr 6 moOf the original 30-year loan at 6.760%
Interest already paid$35,573Through Nov 2026
Assumption only · ends May 2055$474,167
New conventional · ends Dec 2056$409,337